(CNN) — Gasoline prices in the United States continue to decline, bringing relief to inflation-weary consumers and a slowing economy.
The national average for regular gasoline dropped three cents to $4.16 a gallon this Wednesday, according to AAA. This is the 50th consecutive day of falling prices.
Gasoline prices are down 86 cents since hitting a record high of $5.02 on June 14. In the last month alone, the national average is down 65 cents, though it’s still a dollar higher than last year at this point.
Nineteen states have median gas prices below $4, including Ohio, Iowa and Wisconsin, according to AAA.
The steady decline in gas prices has been driven by multiple factors, including recession fears that have pushed oil prices down and the fact that some Americans cut back on driving as gas prices skyrocketed. over $5 a gallon.
“When people pay and see $100 on the bill, they panic and become apoplectic,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service.
Kloza also took credit for the Biden administration’s unprecedented release of emergency oil from the Strategic Petroleum Reserve, though he admitted the impact is difficult to quantify.
Whatever the cause, falling pump prices provide a boost to consumers facing higher prices for food, rent and everyday items.
Although the median price nationwide is $4.16 a gallon, Kloza said that figure is being pushed up by high prices in states like California. The median price, on the other hand, is $3.99, according to OPIS.
Some analysts say prices will continue to decline, especially as the summer driving season winds down.
“This streak is longer,” Kloza said.
Andy Lipow, president of consulting firm Lipow Oil Associates, expects the national average to drop to $4.10 a gallon in the next seven to 10 days and to $4 by Labor Day.